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Upbit Is First Korean Exchange to Register With Authorities Before September Deadline

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Crypto exchange Upbit was the first to register with South Korea’s Financial Intelligence Unit (FIU) before a September deadline, the FIU website posted on Friday.

  • Doh Gyu-sang, vice chairman of the Financial Services Commission, expects one or two more exchanges will register before the end of August, local media reported Friday.

  • Authorities have threatened to block the websites of unregistered exchanges that fail to meet the Sept. 24 deadline.

  • Registration has several requirements, including setting up partnerships with banks to obtain accounts for real-name verification.

  • While other exchanges are reportedly having difficulty persuading banks to work with them, Upbit, South Korea’s largest exchange, already has a partnership with online-first K-bank for real-name verification.

  • Bithumb, Coinone and Korbit also have such partnerships, and so they likely will be the next ones to register.

  • Foreign exchanges are also under the microscope. The FIU has called on them to register as well if they provide services to South Korean consumers.

  • Binance limited its exposure to the market on Aug. 13, when it stopped offering trading pairs and payment options with the South Korean won.

  • Last week, Upbit’s local operator Dunamu rolled out a product for compliance with the intergovernmental Financial Action Task Force’s “travel rule” in Singapore.

  • The FIU will review Upbit’s filing within three months, local media reported.

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